BUCHAREST / LONDON (IT BOLTWISE) – The Romanian gambling authority ONJN has blacklisted the Polymarket platform. The reason for this is the accusation that Polymarket operates as a gambling platform without a license. The volume of crypto bets rose to over $600 million, particularly during the Romanian presidential and local elections.
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The Romanian National Authority for Gambling (ONJN) has blacklisted the well-known prediction platform Polymarket. The reason: Polymarket operates as an unlicensed gambling platform outside of state supervision. This decision came after a surge in crypto-based betting during the Romanian presidential and local elections, where Polymarket’s trading volume reportedly exceeded $600 million.
The ONJN emphasized that the platform’s activities are classified as “counter-betting,” where users bet money on future events. This model clearly falls under gambling laws, regardless of its blockchain-based format. ONJN President Vlad-Cristian Soare emphasized that it is not about technology, but about compliance with the law. Betting, whether in lei or crypto, is considered gambling and must be licensed.
Romanian authorities cited several violations, including a lack of tax reporting, inadequate player protection mechanisms and a lack of anti-money laundering monitoring. Although Polymarket describes itself as an “event trading platform,” the ONJN argued that the platform’s structure, in which users bet money on uncertain outcomes and the platform charges a commission, meets all legal definitions of gambling.
This measure mirrors similar moves in other countries. Polymarket was fined by the US Commodity Futures Trading Commission (CFTC) in 2022 for operating unregistered derivatives markets, which resulted in American users being blocked. Access has also been restricted in Belgium, France, Poland, Singapore and Thailand. Despite these challenges, Polymarket recently received a $2 billion investment from the Intercontinental Exchange, the parent company of the New York Stock Exchange.
Polymarket reportedly plans to resume trading in the US within weeks, with an initial focus on sports-related markets. According to Bloomberg, the platform plans to reopen trading for US users on a limited basis by the end of November. This move follows the CFTC’s recent no-action letter to a crypto derivatives exchange acquired by Polymarket, which paved the way for the restart.
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